Medical Billing Outsourcing: Capturing Value for Healthcare Service Providers

The healthcare industry is one of the most regulated industries in the country, and new requirements seem to come out every year. Therefore, medical service providers must stay on top of it all to ensure they are billing their patients accurately. The burden of this is enormous and doesn’t have to be handled alone. Instead, many in the industry decide to outsource their healthcare services to a company that knows how to handle specific types of work. 

Outsourced Medical Billing Solutions: Cutting Through the Complexity 

Approximately 9% of American adults owe a medical debt of some kind. That equates to approximately 23 million people who have some kind of medical debt floating around out there. Roughly 11 million of this group owe more than $2,000 in medical debt and 3 million owe more than $10,000. The bottom line? There is a lot of medical debt out there, and it is best to get on board with a company that can help handle the billing process to capture as much of that debt as possible. 

Outsourced medical billing companies such as Trupp Global can assist in billing customers and reclaiming a significant amount of the outstanding debt that is floating around out there.

We do so by providing a highly trained workforce of individuals who know how to properly bill patients using accurate medical codes. We also know how to create a collections process that falls within legal guidelines and regulations to speak with those who owe medical debt. This one-two punch has proven helpful for many of our clients who had previously struggled with figuring out how to properly bill their clients and recoup as much of the debt owed as possible. 

Benefits of Outsourced Medical Billing Solutions

While many medical practices are struggling to collect on the debts owed to them, others are doing just fine. What is the main difference between the two? In many cases, it boils down to the use of a third-party provider to handle their billing practices.

This is because those who use a third-party medical billing solutions provider gain the following benefits: 

• Reduced Billing Errors

  Believe it or not, studies have shown that up to 80% of all medical bills have at least one error on them. A significant number of them (around 25%) are due simply to typos. That is unacceptable in today’s environment, and a third-party provider can cut this out entirely. You simply shouldn’t struggle with receiving your payments due to billing errors.

• Cost Reductions

  Why are you paying for an entirely in-house team of billing professionals? These individuals may do great work, but they do so at a cost. You have to pay their salaries, benefits, PTO, and other associated costs related to having an in-house team. However, when you decide to use an outsourced partner for this kind of work, you can pay a flat rate that covers everything. This reduces your overall cost for these services. Don’t miss out on the opportunity to lower your overall expenses.

• Improve Cash Flow

  Every medical service provider wants to get paid for the services that they offer, and they would like to get paid sooner rather than later. Cash flow is vital to the successful operation of any medical facility. When you work with a third-party provider of these services, you can rest assured that you will have a significant amount of cash flow coming in the door. Gaining consistency on this measure is something that you simply cannot put a price tag on. Knowing that you have the funds necessary to continue to power forward your operations is a great way to improve your confidence in what you are offering.

• Greater Focus on Patient Care

  The quality of care that you offer patients can be dramatically improved when you aren’t distracted with thoughts about your billing process. It is easy to become too focus on the monetary functions of your medical facility and allow your attention to drift from the topics that it should be focused on. A third-party medical billing service provider is an excellent solution to this problem. Allow the provider to tackle your billing concerns so you can remain focused on patient care.

These are just a few of the reasons why third-party providers are an excellent option for handling your medical billing services.

You can turn over this burdensome task to them today and give yourself the freedom and flexibility you need to take care of your patients to the best of your ability. 

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